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In March The Banks Vowed Not To Fire Workers; They Kept That Promise For 3 MonthsJun 18, 2020 - 05:15:32 PDT
On Wednesday Europe’s largest banks resumed plans to cut thousands of jobs after putting dismissals on hold to "show support" for employees after the pandemic spread across the continent.
UC Berkeley School of Law Professor Frank Partnoy outlines how banks are making mistakes similar to those leading up to the 2008 financial crisis -- only this time with a new type of security that could break bank balance sheets beyond repair.
Dow Futures Fall More Than 200 Points Amid Virus Concerns, Airlines & Retailers SlideJun 18, 2020 - 05:07:11 PDT
Stock futures were lower on Thursday as investors weigh the rising number of coronavirus cases in the U.S. and around the world.
Last week, we reported Yale economist Stephen Roach's warning that "the era of the US dollar’s ‘exorbitant privilege’ as the world’s primary reserve currency is coming to an end.”Roach isn't the only person in the mainstream sounding the alarm about the dollar's demise. In a note published last week, Guggenheim Investments Chief Investment Officer Scott Minerd said that while "there are no signs the world is questioning the value of the US dollar" right now, it's clear that the greenback is "slowly losing market share as the world’s reserve currency."
Fed's Mester: The U.S. Economy Could Be Slammed with a Record Decline in Q2Jun 18, 2020 - 04:58:00 PDT
Private-sector forecasts call for the gross domestic product in the second quarter to decline by an annual rate of 25% to 40%, which would likely be a record decline, Mester said during a virtual forum.
The Bank of England on Thursday added another £100 billion to its quantitative easing program in a bid to shore up the U.K. economy amid the fallout from the coronavirus crisis.
Fed Policies Are Setting Markets up for Long Term Problems and May Spark a Bond BubbleJun 18, 2020 - 04:45:53 PDT
Institutional Investor Hall of Famer Richard Bernstein: He cites near record deficits and aggressive efforts to increase the money supply among the biggest problems.
Gold is gaining relative strength compared to the S&P and silver and will likely hold up at these levels....
Gold prices were little changed on Wednesday, buoyed by concerns over a second coronavirus wave and expectations that the US Federal Reserve would maintain low interest rates in the near term, while a firm dollar put a lid on gains.
Federal Reserve Chairman Jerome Powell May Be Trying to Squash the Stock Market BubbleJun 17, 2020 - 13:06:52 PDT
Fed chief Jerome Powell continues to strike a downbeat tone on the jobs recovery after COVID-19. Investors hate hearing it.
Jeremy Grantham Says This May Be the 4th Major Market Bubble of His CareerJun 17, 2020 - 12:59:34 PDT
Investor Jeremy Grantham is growing more and more sure that the U.S. market is in a bubble that end up hurting many people.
Many of the public employee pension plans run by states don't have enough money in them to make upcoming pension payments to retired state workers. The pandemic could make that problem much worse.
At the end of March, the 100 largest public pension systems were only 66% funded as the result of the plunge in the stock market and the collapse of interest rate. The plans’ funded ratio rose back to 71.3% at the end of May.
Budget shortfalls are forcing state and municipal authorities to cut jobs and spending, as they did after the 2008 financial crisis when local austerity held back the economy’s recovery. Congress is deadlocked over sending more cash to the states to plug the gap.
The Fed Will Move Away from ETFS to Direct Corporate Bond Purchases, Powell SaysJun 17, 2020 - 10:42:50 PDT
“Over time we’ll gradually move away from ETFs and move to buying bonds,” Powell said. “It’s a better tool for supporting liquidity and market functioning.”
There's a Coin Shortage Because of Coronavirus Stopping the Flow of Physical CurrencyJun 17, 2020 - 10:39:20 PDT
Federal Reserve Chairman Jerome Powell told Congress on Wednesday that the circulation of physical coinage ground to a halt amid the coronavirus outbreak but that the central bank is working to fix the flow.
Jun 17, 2020 - 10:06:41 PDT
There is zero chance this ends well.
The Potential Looming Catalyst for Silver No One Sees Coming - Mike MaloneyJun 17, 2020 - 09:49:05 PDT
Mike Maloney recently joined Jeff Clark and David Morgan to discuss Jeff's latest article. This is Part 1, Part 2 coming soon.
Jun 17, 2020 - 08:53:52 PDT
Federal Reserve Chairman Jerome Powell is set to testify before the House Financial Services Committee on Wednesday.The hearing on U.S. monetary policy and the economy comes as the lawmakers grapple with how to address an economic recovery amid the coronavirus pandemic.The hearing is scheduled to begin at noon EDT.
It’s a pandemic, so there are problems with the data.